Whilst the newspapers and press have been filled with stories of the global economic difficulties in recent times, the Egypt property market has quietly experienced rapid growth, with large numbers of overseas investors purchasing properties in the traditional tourist destinations of Sharm El Sheikh, Marsa Alam and Hurghada. Outside of these well known resorts however is a new destination, Nabq Bay, which is currently experiencing considerable property investment from early bird investors seeking to capitalise on the growth in interest in Red Sea property.
Nabq Bay is situated on Egypt's Sinai Peninsula, just a short drive the ever popular Sharm El Sheikh resort. Offering visitors and residents stunning views over the clear blue waters of the legendary Red Sea, and a year round climate. Spending even just a short time here, it's easy to see why so many visitors are attracted to this beautiful part of the Sinai Peninsula.
As well as the beach dwellers, Sharm El Sheikh and the surrounding areas have also developed a reputation amongst watersports enthusiasts. Following on from the legendary exploits of Jacques Cousteau, the region is now well known amongst scuba divers from all over the world. Renowned dives sites including The Thistlegorm Wreck, Straits of Tiran and Ras Mohammed National Marine Park are all within easy reach of the boats and dive centres in Sharm El Sheikh and Nabq Bay.
The potential of Nabq Bay has already been recognised by the tourist industry, and today there are a number of major hotels and resorts established in the region. Moevenpick, First Choice and Radisson are just a few of the many major tourism groups which have stepped up their investment in the region over the past couple of years. As is the way with so many tourist resorts, a demand for property in region is beginning to gather pace, and as such a number o
Alongside the regions natural beauty and superb climate, other factors have also combined to increase the overall appeal to overseas investors looking to purchase property abroad. Being located outside of the Eurozone has meant that the property in Egypt, in relative terms, has become less expensive in recent years. Especially when compared to the more traditional property investment destinations such as France, Spain and Italy. As well as the lower property prices, the low cost airlines have also noted the potential for increased tourism in the region, and as such airlines such as Jet2 and Easyjet now offer regular flights to the Red Sea resorts on a regular basis.
In summary, without there exists a huge opportunity at present in the Nabq Bay region. A number of excellent new developments such as the Mashareq and the Maraqia have already proven commercially successful, and look set to be the first of many new developments in the Nabq Bay region. For people looking to purchase property in Egypt, it would be place to give Nabq Bay due consideration, as it is likely to become one of the Red Sea's leading tourist destinations in the years to come.
Mark Burns works for Offplanworld.tv, a UK based real estate consultancy specialising in Egypt real estate and who offer a wide range of Nabq Bay property.
